Investing in rare coins

I'd just like to say that I'm glad that some useful information was given to the young man. By far the most frustrating thing in life is when you ask a reasonable question and then get told "It's not possible."

I agree with what's been said - with a small budget, rare coin investing isn't going to yield significant benefits compared to other fields. However, that doesn't mean avoid it. My thoughts:

*Buy 3, keep 1. Sell the other two to get your money back. This way, everything you keep is free.

*Buy what you enjoy. If you look at it from an enjoyment standpoint, you won't worry so much about how much it's worth. Plus, if money is your only motivator in this...that's an entirely different approach.

*Read a lot. Figure out what people are buying now, what they have bought in the past, and start trying to figure out where the market will go. I'm not saying you'll be able to do it...but that's the speculative part of it that may be a fun challenge.

*Never underestimate the power of having available funds. Say you come across a huge deal that you know would make you money - but you spent all your money on a coin the day before. Having cash available makes things like roll-searching possible and lets you take advantage of good opportunities when they arrive.

*Learn how to properly grade coins, especially the higher-grade ones. This is something I remember from the Coin Collector's Survival Manual - seeing something that is priced significantly lower than what it's worth.

*Learn how to cherry-pick.

*Always be polite and professional, even when people are acting like absolute jerks. That absolute jerk may remember you for some weird reason and bring you a coin that'll make you money.

*Finally, learn how to say no to people and things (like fast food.) This is probably the hardest. If you don't think it's a good deal for you, or it's an attractive coin, or a good price - say no. This also applies to your time.

Hope this helps a bit.

Source: http://www.cointalk.com/t184773/

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